While respondents aged 55+ were more likely to think there was too much regulation of businesses overall, they were more likely to want more regulation of financial planning (48%), building and construction (49%) and aged care providers (55%).

48% of those on income over $1,600pw wanted more regulation of financial planning.

Q. How important are the following industries for providing jobs for Australians into the future?

Very important

Quite important

Somewhat important

Not very important

Don’t know

Very important Feb 2012

Construction

58%

30%

9%

1%

3%

58%

Agriculture

57%

27%

12%

2%

3%

–

Manufacturing

55%

26%

12%

4%

3%

55%

Tourism

53%

31%

11%

3%

2%

53%

Mining

52%

29%

13%

4%

2%

64%

Retail

46%

35%

14%

2%

2%

47%

Hospitality

45%

37%

14%

2%

2%

46%

Finance

40%

34%

19%

3%

4%

39%

Telecommunications

37%

37%

19%

4%

3%

39%

Respondents regard the construction (58%), agriculture (57%) and manufacturing (55%) industries to be the most important for providing jobs for Australians in the future. These were followed closely by the tourism (53%) and mining (52%) industries.

Since this question was last asked in February 2012, those think mining is very important for future jobs has dropped from 64% to 52%.

Q. Thinking about the last 12 months, has it been a good or bad year for each of the following?

Total good

(Dec 10

Total bad

(Dec 10)

Total good

(Dec 11)

Total bad (Dec 11)

Total good

(Dec 12)

Total bad

(Dec 12)

Very good

Good

Neither good nor
bad

Bad

Very bad

Don’t know

The banks

69%

13%

71%

8%

68%

11%

30%

38%

17%

8%

3%

5%

The mining industry

57%

14%

68%

11%

53%

19%

17%

36%

22%

15%

4%

6%

Large companies and corporations

44%

15%

40%

22%

32%

31%

5%

27%

32%

25%

6%

6%

The Australian economy

41%

20%

33%

31%

29%

37%

4%

25%

32%

28%

9%

3%

You and your family

na

na

na

na

29%

36%

6%

23%

34%

25%

11%

2%

The media

30%

14%

25%

27%

21%

40%

5%

16%

33%

29%

11%

6%

Farming and agriculture

14%

50%

23%

40%

20%

40%

2%

18%

33%

28%

12%

7%

Trade unions

na

na

na

na

18%

30%

4%

14%

37%

22%

8%

15%

The environment

14%

37%

20%

33%

18%

37%

3%

15%

40%

26%

11%

6%

The average Australian

na

na

na

na

17%

45%

2%

15%

36%

34%

11%

3%

Small business

14%

45%

10%

61%

10%

62%

1%

9%

24%

39%

23%

5%

Australian politics in general

na

na

na

na

9%

61%

2%

7%

26%

29%

32%

4%

A majority of respondents think it has been a good year for the banks (68%) and the mining industry (53%). They are split over whether it has been a good year for large companies and corporations (32% good/31% bad). However, they are much more likely to think the year has been bad for small business (62%), Australian politics in general (61%), the average Australian (45%), farming and agriculture (40%) and the media (40%).

Compared to last year’s results, respondents considered 2012 a worse year than 2011 for the mining industry (“good” down 15% to 53%), large companies and corporations (“good” down 8% to 32%) and the media (“bad” up 13% to 40%).

Deep in the weeds of the 24-hour dust-up over whether the mining boom is over—on the very day that BHP reported a $15 billion profit— lurks a more obvious strategy on the part of the mining companies: a determination to build up the specter of a threat to the boom if “costs” are not controlled—“costs” being workers’ wages—and to take absolutely no responsibility for the blow-back from the boom.

Some of this is subtle, some not so subtle. The boom is far from bust, as Paul Cleary pointed out in The Australian:

The projects that mining companies have put on hold are completely overshadowed by the $260 billion in investment already approved by company boards and government authorities that is being poured into mammoth mining and energy projects across the country.

And:

Even if commodity prices fall by 50 per cent, these increased volumes will generate increased flows of income into Australia, keeping the dollar strong while driving far-reaching structural change in our economy. This means the mining boom can be expected to deliver benefits and challenges for all Australians for some time to come. [emphasis added]

The mining barons, themselves, swore up and down yesterday that, no, the boom wasn’t over. But, the Fin gives a little insight into where they are going:

At The Australian Financial Review and Macquarie Future Forum in Perth, resources chiefs were confident that Chinese demand for commodities will grow in the longer term, despite a slowdown that has seen iron ore and coking coal prices fall to four-year lows.

However, they warned Australia had become a high-cost place to develop projects, and needed to improve its international competitiveness through reforms to taxation, industrial relations and environmental approvals. [emphasis added]

Aha. “Reforms” in taxation and industrial relations are code words for the Coalition’s agenda: repeal the resources tax and attack the system of bargaining that protects wages and benefits that makes Australia a decent society. In a decent society, leaders would embrace a once-in-a-lifetime mining boom to invest some of the profits in infrastructure, schools and other in life-changing, society-altering projects. Nope, the mining barons make clear, we’re just not in to that.

Note that “high cost” never refers to the compensation of the CEOs of the mining companies, or the staggering wealth of the owners of the companies like Gina Reinhart, the richest woman in the world. “High cost” translates into “take it out of the hide of society and the working person”.

The mining barons view can be summed up thus:

We don’t care how many people are hurt by the rising Australian dollar. That’s the “free market”.

We will fight tooth and nail against resources taxes because, well, the “free market” cannot be messed with.

Hate to say, “we told you so” because that won’t pay the bills. But, remember, when we pointed out that China was slowing down and it was downright foolish to let the American Disease infect the thinking in Oz? Well, the mining boom’s last act is coming faster than you think–and that’s a huge warning to take seriously.

AUSTRALIA’S budget surplus has evaporated and its mining investment boom has only two years to run, according to Deloitte Access Economics.

The forecast marks a watershed in assessments of Australia’s prospects, implying in the words of this morning’s Access publication: ”The strong bit of Australia’s two-speed economy won’t stay strong for more than another two years or so”.

The sad thing is that it doesn’t have to be a rocky road. If the mining barons, and their political patron– the man in The Empty Suit, leader of the Coalition– would stop resisting, blocking or whittling back serious taxes on the staggering riches a few people are pocketing from every Australian’s birthright, there would be plenty of money to invest in economic strategically smart efforts that would help the country blossom even when the mining boom evaporates.

And if people would stop wringing their hands over a non-existent deficit problem, we could even be plowing money into projects now.